The curator of VBS Mutual Bank believes there may have been fraudulent reporting and transactions to extract money from the bank in order to further the personal interests of certain key individuals and companies related to the bank, Registrar of Banks Kuben Naidoo said. He made the claims in an affidavit opposing the application by the parent company of VBS, Vele Investments, to have the curatorship set aside on the grounds that it was irregular. VBS was put under curatorship on March 11 because it was facing a severe liquidity crisis and could not repay deposits as and when required. Naidoo referred to the initial findings by the curator, Sizwe Ntsaluba Gobodo Advisory Services’ representative Anoosh Rooplal. These indicated that VBS had been "severely mismanaged". In Rooplal’s initial assessment there were suggestions of fraudulent transactions. In addition, there were a significant number of large transactions between the bank, rel-ated companies and staff. Corporate governance ...
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